This week, we take a closer look at Ethereum, Ripple, Cardano, Shiba Inu, and Polkadot.
Ethereum’s downtrend appears to be coming to an end as the price has decided to move sideways above the key support. For this reason, ETH closed the week with a 2% price increase.
This cryptocurrency is now in a range between support at $2,900 and resistance at $3,370. The longer it consolidates here, the more significant the eventual breakout will be.
Looking ahead, ETH did a bullish cross on the daily MACD, which could bring optimism and put bulls back in charge. To confirm a bullish bias, the resistance at $3,370 has to fall.
Earlier this month, XRP failed to hold above 53 cents and fell all the way to 43 cents, which is currently acting as a key support. XRP bounced on this level and managed to close the week with a 6% price increase.
Even if buyers managed to defend the price and keep it above 43 cents, they seem unable to push this cryptocurrency to new highs. The resistance is at 54 cents and may stop any renewed buying interest.
Looking ahead, XRP has been stuck in a large range since late 2023 and was unable to have a major breakout. This has not changed this year so far. Until that happens, don’t expect a significant rally.
ADA managed to find good support at 46 cents and closed the week with a 2.6% price increase. As long as the key support holds, buyers could aim to regain control of the price action.
The current resistance is at 61 cents, and Cardano has not tested this level yet. A relief rally could follow if the support holds. At that point, a test of the key resistance becomes possible.
Looking ahead, if buyers manage to stop the downtrend here, they could attempt to put this cryptocurrency back on an uptrend in the coming month.
Shiba Inu (SHIB)
Shiba Inu closed the week with a 14% price increase, making it the best performer on our list. This is an impressive recovery considering that a week before the price made new local lows.
The key support is found at $0.000025. So far, buyers managed to hold here and defend SHIB from further sell pressure. The resistance is at $0.000037.
Looking ahead, the ideal scenario for this meme coin is to range above the key support and eventually attempt a new rally in May.
Polkadot (DOT)
DOT’s price action is similar to Cardano and managed to find good support above $6.7. For this reason, the price closed the week with a 1.8% price increase.
The correction appears to be coming to an end and as long as the key support holds then buyers can use this period to gather strength for an attempt at the key resistance currently found at $7.7.
Looking ahead, DOT may consolidate here before it attempt to resume its uptrend. This is contingent on the overall market turning bullish.
